Line Next’s $140 Million Funding Boost
Line Next, the nonfungible token (NFT) arm of Line Messenger, has successfully secured a substantial $140 million funding round as it gears up for a major expansion into the Web3 landscape.
DOSI: A Global Web3 NFT Marketplace
The primary focus of Line Next’s newfound funds is the launch of DOSI, a global NFT marketplace slated to go live in January 2024. This marketplace is set to integrate with Line’s existing Japan-based NFT platform, known as Line NFT, providing a seamless and expansive experience for users worldwide.
Backing from Crescendo Equity Partners
Leading the funding round is Crescendo Equity Partners, a private equity firm with backing from prominent investor Peter Thiel. The involvement of such a reputable firm underscores the potential and credibility of Line Next’s initiatives in the NFT and Web3 space.
Web3-Focused Services: AI Characters and Games
Line Next is not limiting itself to a mere marketplace. A portion of the $140 million fund will be allocated to the development and introduction of new Web3-focused services. Among these is a social app that leverages artificial intelligence (AI) to generate characters, offering users a unique and interactive experience. Additionally, the venture plans to venture into the world of Web3 games, enhancing its footprint in the decentralized digital landscape.
Finschia Blockchain for Line’s NFT Marketplace
Line’s NFT marketplace, including DOSI, will operate on the Finschia public blockchain. Line Next, along with Crescendo Equity Partners, is set to become a governance member of the Finschia Foundation. This strategic move aligns with the broader industry trend of embracing decentralized governance models.
Shane Mac’s Perspective on Web3 Messaging
Shane Mac, co-founder of XMTP — an open protocol and network for secure Web3 messaging — recognizes the immense potential in rebuilding Web2 messaging platforms for Web3. He emphasizes the groundbreaking nature of Web3 messaging, where identity, wealth, and personality are intricately tied to wallet addresses.
Web3 Messaging and Identity Control
Mac underscores the importance of Web3 messaging in empowering users with full control over their information and interactions on the internet. By employing wallet signatures to verify messages, Web3 messaging introduces a new layer of innovation, ensuring ownership and authenticity in online communication.